In this paper we give a formula for the$K$-theory of the$C^{\ast }$-algebra of a weakly left-resolving labelled space. This is done by realizing the$C^{\ast }$-algebra of a weakly left-resolving labelled space as the Cuntz–Pimsner algebra of a$C^{\ast }$-correspondence. As a corollary, we obtain a gauge-invariant uniqueness theorem for the$C^{\ast }$-algebra of any weakly left-resolving labelled space. In order to achieve this, we must modify the definition of the$C^{\ast }$-algebra of a weakly left-resolving labelled space. We also establish strong connections between the various classes of$C^{\ast }$-algebras that are associated with shift spaces and labelled graph algebras. Hence, by computing the$K$-theory of a labelled graph algebra, we are providing a common framework for computing the$K$-theory of graph algebras, ultragraph algebras, Exel–Laca algebras, Matsumoto algebras and the$C^{\ast }$-algebras of Carlsen. We provide an inductive limit approach for computing the$K$-groups of an important class of labelled graph algebras, and give examples.